Is 10% less than the asking price going too low or could I go lower and hope we can meet in the middle....thanks in advance...
2007-07-13 09:55:00 · 11 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Just offer whatever you want to - this will let the buyer know what people are going to be willing to pay for their house. They will come back and let you know what they think about your offer. Good luck!
2007-07-13 09:57:55 · answer #1 · answered by Anonymous · 2⤊ 1⤋
Have you visited http://realtor.com? This is a great site where you can look at properties and houses for sale all over The United States. Using this site will help you learn how many properties/houses your seller is competing against! If there are "tons" of houses for sale, this means your seller may have had the property listed for quite some time and is willing to take considerably less. Try to find out as much information about the seller as you can. For example, have they already purchased another house? How anxious are they to sell? Are they being relocated or simply upgrading? How long has the property been listed? How long have they owned the property? Why are they selling? Did they inherit the property? Is it a rental? There are many factors which will effect whether or not the seller will accept an offer lower than the asking price. Have you met the seller? Have you tried asking them what the lowest price they would sell is? Is there something you can offer them to "throw in" that will make your offer irresistible like a nice motor home or timeshare? Are you too eager to move? Have you already sold your house? There are so many factors to consider it is difficult to answer your question without leaving something out!
2007-07-13 10:15:16 · answer #2 · answered by Anonymous · 1⤊ 0⤋
The property you're interested in buying - in fact, any property - is ONLY worth what someone is willing to pay for it AND what the Seller is willing to sell it for. Not one penny more.
Apparently, you went through and inspected the property. You should have a pretty good idea what the other properties in that area are selling for AND what it takes to bring that property you're interested in "up to snuff" (up to today's present, building code) for the municipality the property is located in.
It doesn't make any difference:
A] IF the Seller has an appraisal for the property from the most well-known, honest appraiser in the world.
B] IF someone offers an "oral offer" to the Seller - [which isn't worth the paper its printed on].
There is an old axiom in real estate: YOU [the Seller] name the price - I/we [the potential Buyer] name the terms;
YOU [the Seller] name the terms - I/we [the potential Buyer] name the price;
TOGETHER, WE [the Seller & potential Buyer] can, or should be able to, make the deal.
Yes, there are or may be real estate brokers, agents, attorneys, consultants and others - including family members and friends - who may offer their advice and opinions. In the end, no one else's signatures appear "on the dotted line" except yours, as the potential Buyer, AND the Seller's [and, of course, the witness(es)].
In the case of an estate (the owner of the property is deceased), the Executor's/Executrix's (sorry ladies,, but this is what the female Executor is known and referred to as), appears on the line where the Seller signs.
You know what type of mortgage you qualify for and the type which applies to that property.
This may be very difficult for some folks to do:
Make and submit written offers.
In other words: Put your money where your mouth is.
At the very most, you'll buy that property. At the very least the answer you will or may get is a flat "NO" - without any explanation. [Other than in love and romance, "NO" never hurt anyone.]
A side thought: "NO" might mean "not right now".
It doesn't mean the Seller won't be in a much better frame of mind tomorrow, next week, next month, 3 months from now or even next year.
Somewhere in the middle - with a counter-offer - could be "the crack in the door" all the parties need for continued negotiation.
I got this from one of my mentors:
Remember this: SW3 - N!
Some Will. Some Won't. So What! NEXT!
If you have any doubts about any of the points I mentioned, it might not be a bad idea "to get your ducks lined-up" before you get into something WAAYYYY over your head.
I wish you well.
Our Family Slogan: "Every Good Wish to You and Yours!" I wish you, your family and your friends nothing but the absolute best of everything life has to offer.
Very Truly Yours,
Ron Berue
2007-07-13 10:09:53 · answer #3 · answered by Ron Berue 6 · 1⤊ 0⤋
Nope, 10% for the opening offer is not too low. You could go even lower, but at some point, you risk the chance of the seller getting indigant. (Although this shouldn't be personal)
Depending on the market in your area and the sellers situation, you may have to step up closer to the asking price if you really want the house.
2007-07-13 13:58:10 · answer #4 · answered by godged 7 · 0⤊ 0⤋
Knowing your market determines the value.
In better markets the determination and the availability of properties made people bid over the asking price. In the present the demand has slowed and the values have dropped. It is now the seller who needs to be aware that an offer with the proper terms is hard to find.
Regards,
Gabriel Palotas/Broker
Direct Power Real Estate
Pompano Beach Florida
2007-07-13 10:16:25 · answer #5 · answered by palotas46 1 · 0⤊ 0⤋
These days you not need money down! Money down barely drops your monthly payment. It drops your principal balance. You did need to get a pre approval do you know how much you can afford and you'll need to put an earnest deposit down, here in CA it is 1.25 of the purchase price. It varies though! That will be used towards closing costs and if there is any left over you get it back! Keep the 10% in the bank and get a 100% loan 80/20 they call it! Good luck
2007-07-13 10:09:46 · answer #6 · answered by Anonymous · 1⤊ 0⤋
properly ofcourse your realtor is telling you to purchase now, he needs his 3% commision. The industry suitable now's a shoppers industry, there is an a procedures extra effective than residences presently on the industry. in spite of the incontrovertible fact that as a results of fact the summer season time is the best season to purchase a house, finding a stable deal would be slightly extra problematical. I say in case you have completed your examine and recognize the industry, the section you go with to be in and how lots your prepared to pay then decide for it. in basic terms you shouldn't settle, your realtor will attempt to get you to via something. additionally plan on staying on your place for a minimum of two years with a view to make a income from merchandising it. stable success!
2016-10-21 04:24:42 · answer #7 · answered by ? 4 · 0⤊ 0⤋
Are you talking Florida or San Francisco ?
10% in florida - OK but SF ? You will loose out .
Old adage still relevant -
Real estate about 3 things - location , location & location .
How come you did Not give the location ?
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2007-07-13 10:01:21 · answer #8 · answered by kate 7 · 2⤊ 1⤋
depends on the seller, location and other factors. Try it see what happens. But remember this is not the right time to be buying into a home.
2007-07-13 09:58:47 · answer #9 · answered by Anonymous · 1⤊ 1⤋
depends. sometimes it offends the seller some expect it. offer real close to what the home is worth to you. if you are only looking for a great deal offer less, but do not get mad if they are offended
2007-07-13 10:01:33 · answer #10 · answered by blackrealty 3 · 1⤊ 1⤋